Madison Square Garden Sports (NYSE:MSGS) Price Target Lowered to $230.00 at JPMorgan Chase & Co.

Madison Square Garden Sports (NYSE:MSGS) had its target price trimmed by JPMorgan Chase & Co. from $240.00 to $230.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

MSGS has been the subject of a number of other research reports. Susquehanna started coverage on Madison Square Garden Sports in a research report on Monday, April 28th. They set a “positive” rating and a $254.00 price objective for the company. Macquarie upped their price target on shares of Madison Square Garden Sports from $240.00 to $250.00 and gave the company an “outperform” rating in a research report on Tuesday, February 25th. Finally, Morgan Stanley dropped their price objective on shares of Madison Square Garden Sports from $235.00 to $215.00 and set an “equal weight” rating on the stock in a report on Monday.

Madison Square Garden Sports Stock Performance

Shares of NYSE:MSGS opened at $188.83 on Monday. The firm has a market cap of $4.53 billion, a price-to-earnings ratio of 79.68 and a beta of 0.78. The business has a 50-day simple moving average of $192.08 and a two-hundred day simple moving average of $210.38. Madison Square Garden Sports has a fifty-two week low of $173.26 and a fifty-two week high of $237.99.

Madison Square Garden Sports (NYSE:MSGS) last issued its quarterly earnings data on Friday, May 2nd. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($2.07). Madison Square Garden Sports had a net margin of 5.33% and a negative return on equity of 20.50%. The company had revenue of $424.20 million for the quarter, compared to the consensus estimate of $436.84 million. During the same quarter last year, the company earned $1.57 EPS. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. As a group, research analysts predict that Madison Square Garden Sports will post 0.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider F. Dolan 2009 Revocabl Charles sold 31,825 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $189.92, for a total transaction of $6,044,204.00. Following the sale, the insider now directly owns 5,097 shares in the company, valued at $968,022.24. This trade represents a 86.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 22.10% of the company’s stock.

Institutional Investors Weigh In On Madison Square Garden Sports

Institutional investors have recently bought and sold shares of the business. Advisors Capital Management LLC boosted its stake in shares of Madison Square Garden Sports by 0.5% in the fourth quarter. Advisors Capital Management LLC now owns 10,606 shares of the company’s stock worth $2,394,000 after acquiring an additional 48 shares during the period. Treasurer of the State of North Carolina grew its holdings in Madison Square Garden Sports by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 8,172 shares of the company’s stock valued at $1,844,000 after buying an additional 50 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of Madison Square Garden Sports by 9.2% during the fourth quarter. Quadrant Capital Group LLC now owns 650 shares of the company’s stock valued at $147,000 after buying an additional 55 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of Madison Square Garden Sports by 81.4% in the fourth quarter. Allworth Financial LP now owns 127 shares of the company’s stock worth $28,000 after buying an additional 57 shares in the last quarter. Finally, Versant Capital Management Inc boosted its position in shares of Madison Square Garden Sports by 35.3% during the fourth quarter. Versant Capital Management Inc now owns 234 shares of the company’s stock worth $53,000 after acquiring an additional 61 shares during the last quarter. Hedge funds and other institutional investors own 68.94% of the company’s stock.

About Madison Square Garden Sports

Madison Square Garden Sports Corp. operates as a professional sports company in the United States. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League. Its other professional franchises include development league teams, the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League.